AOO/AON/AOVP - African And Overseas Enterprises Limited - Business update
AOO AOVP AON
AOO
AOO/AON/AOVP - African And Overseas Enterprises Limited - Business update
AFRICAN AND OVERSEAS ENTERPRISES LIMITED
Incorporated in the Republic of South Africa)
Registration number 1947/027461/06
Share code: AOO ISIN: ZAE000000485
Share code: AON ISIN: ZAE000009718
Share code: AOVP ISIN: ZAE000000493
"AOE" or "the Company"
Shareholders are advised that the principal operating subsidiary of the
company today announced as follows:
"BUSINESS UPDATE
The company advises that total group turnover for the period 1 July 2011 to
31 October 2011 decreased by 2.5%. This decrease in turnover is largely a
result of the discontinued manufacturing operation which ceased on 30 June
2011.
Retail sales from continuing operations (Queenspark) were impacted by the
closure of three non-performing stores during the past twelve month period
which contributed to a decrease of 1.4% in retail trading space relative to
the prior corresponding period. This restricted retail sales from
continuing operations to an increase of 4.9% for the first four months of
the 2012 financial year. However, due to the withdrawal of the Duty Credit
Certificate (DCC) benefits, profits for the first half of the 2012
financial year are expected to be negatively impacted.
Shareholders are referred to the comments in the 2011 Integrated Annual
Report regarding the negative impact which the withdrawal of the DCC will
have on operating profit in the current (2012) financial year. In the 2011
financial year the retail segment operating profit was improved by an
amount of R14,3 million in this regard.
We further anticipate that in the second half of the financial year there
will be a deterioration in margins due to escalating expenses and currency
volatility which we anticipate will negatively impact profits in respect of
that period. This is in addition to the negative impact of the withdrawal
of the DCC noted above.
Shareholders are advised that this update does not constitute an earnings
forecast, and that the financial information on which this business update
is based has neither been reviewed nor reported on by the external
auditors.
The interim results for the six month period ending December 2011 are
scheduled for release in March 2012."
16 November 2011
Cape Town
JSE Sponsor: Java Capital
Date: 16/11/2011 11:43:00 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
